1. Do Now
If the price of their product/service goes up, will a business make more of that product or less? Explain

3. Supply
Standard 1.3.1

4. The Law of Supply
Law of Supply: Businesses will offer more of a good at a higher prices (want to make more $$)
Price
As price increases…
Supply
Quantity supplied increases
Price
As price falls…
Supply
Quantity supplied falls 4

5. h h The Higher the Price The more suppliers will make of it
Law of Supply
Definition: Price and Quantity supplied move in the same direction.
Price Quantity
Goes Supplied
h h
The Higher the Price The more suppliers will make of it

6. i i The Lower the Price The Less suppliers will make of it
Law of Supply
Definition: Price and Quantity supplied move in the same direction.
Price Quantity
Goes Supplied
i i
The Lower the Price The Less suppliers will make of it

7. 1

8. Supply
Supply: the quantity of goods and services that producers are willing to offer at different prices
Quantity Supplied: Amount of good or service that a producer is willing to sell at each price

9. Define the law of supply and law of demand
DO NOW
Define the law of supply and law of demand
What economic system is about government control?

10. Determinants of Supply

11. Determinates of Supply
Just like Demand, Supply also has Determinates.
The Curve moves Right if Supply Increases and Left if Supply Decreases
Businesses use this following info to make decisions about what to make

12. 1. Cost of Production
The cost of inputs needed to make a product. (Raw Materials & Labor) Costs $ go up = Supply Goes Down Costs $ go down = Supply Goes Up

13. 2. NUMBER OF SELLERS IN THE INDUSTRY
The Number of suppliers/sellers in a given Industry More Suppliers = More Supply Less Suppliers = Less Supply

14. 3.Taxes/Government Regulation
Government imposed taxes on Goods or Services can make the production of goods more expensive. More Taxes = Less Supply Less Taxes = More Supply

15. 4. Technology
Technology can help make goods faster and cheaper Better Technology = More Supply Worse Technology = Less Supply

16. Which direction does the Supply Curve Move?
Situation:
Due to the recent down turn of the Economy, a number of car manufacturers are no longer in business anymore.
What effect will this have on the supply of Cars?
What determinate are we using?
NUMBER OF SELLERS
What direction will the Supply Curve move?:
LEFT

17. Which direction does the Supply Curve Move?
Situation: The Government has just decided to lower the taxes on the purchase of all electric cars. What effect will this have on the supply of electric Cars? What determinate are we using?: TAXES What direction will the Supply Curve move?: RIGHT

18. Do Now
What are the determinants of supply? Describe how they work

20. WRITING TRACKER HELP Thesis: Statement of Purpose
Body Paragraph with intro Topic Sentence Reiterating your main idea
Evidence: Back up your argument with facts and “DATA”
Counter Argument: What the other side might say and why they are wrong
Conclusion: Restate Thesis

21. Is Obamacare a good idea or a bad idea?

22. Do Now
Describe your opinions on government regulation and rules. What exactly should the government be telling us to do or not to do? Are they going to far? Or are they a force for good? Explain